It Seems Likely That Home Buyers Will Have Fewer (Resale) Options In The Next 12 Months Compared To The Past 12 Months


It Seems Likely That Home Buyers Will Have Fewer (Resale) Options In The Next 12 Months Compared To The Past 12 Months
By Scott Rogers • November 9, 2023
Not be Debbie Downer here but it seems likely that home buyers in Harrisonburg and Rockingham County are likely to have fewer options of homes to purchase in the next 12 months compared to the past 12 months. Why, might you ask? Roughly 80% of homeowners have mortgage interest rates below 5%. Mortgage interest rates are currently above 7%. Raise you hand if you'd sell your home with a mortgage interest rate below 5% and purchase a replacement home with a mortgage interest rate above 7%. <nobody raises their hand> So... as long as mortgage interest rates stay above 7% we're likely to see a lower than historically normal number of homeowners willing to sell their homes. So, if you're hoping to buy a home in the next 12 months, you should realize that you will likely have fewer options than in the recent past, and you might need to compromise a bit on what you are looking for in a home. Even though it seems unlikely that you actually will compromise... because of, again, the current high(er) mortgage interest rates. :-) Receive Updates by Email Recent Articles: OK, False Alarm, Most Homes Are Still Selling Very Quickly How Quickly Are Homes Selling These Days? Middleburg at Stone Spring, To Include Up To 500 Apartments, Proposed Adjacent To The Reserve At Stoneport A Rough Two Years For Rising Mortgage Interest Rates Home Buying Activity Will Slow But Not Stop Over The Winter Demand Is Likely To Keep On Rising For Contractors And Home Renovators Update On City Of Harrisonburg Townhouse Market Trying To Buy A Home... A Story Of Being All In, Then Bowing Out, And Now Being Ready To Jump In Again Sometimes Upgrade Your Home (Selling And Buying) Results In An Even Larger Upgrade In Your Monthly Payment Despite Fewer And Fewer Home Sales, There Are Plenty Of Reasons Why Buyers Will Still Buy And Sellers Will Still Sell
Have any questions? Contact Scott Rogers at 540-578-0102 or scott@funkhousergroup.com
Based on information from the Harrisonburg-Rockingham Association of REALTORS® or its MLS, for the period Jan 1, 2000 through Dec 11, 2023 (unless otherwise noted).
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